Friday, 30 December 2016

Sensex zooms over 200 pts, Nifty eyes 8200; Bharti drags

ICICI Bank, Axis Bank, BHEL, ITC and SBI are top gainers while Bharti, Coal India and Dr Reddy's Labs are losers in the Sensex. 

The market continues to rally on support of banks, infra, FMCG and pharma stocks. The Sensex is up 219.96 points or 0.8 percent at 26586.11, and the Nifty up 65.10 points or 0.8 percent at 8168.70. About 1483 shares have advanced, 358 shares declined, and 79 shares are unchanged.

ICICI Bank, Axis Bank, BHEL, ITC and SBI are top gainers while Bharti, Coal India and Dr Reddy's Labs are losers in the Sensex.

Ridham Desai of Morgan Stanley believes key drivers for the market mood in Q1FY17 remain incoming growth data, global cues especially on US tightening, President-elect Trump's fiscal plans, commodity prices and the forthcoming Budget on February 1.

He expects the U-shaped earnings recovery to be delayed by a quarter or two and estimates an earnings growth of 2 percent Y-o-Y for FY17 and 18 percent for FY18.

"Improving external environment augers well for earnings, although headwinds from higher oil prices and some demand impact due to the recent currency ban could weigh on earnings in the near team," he adds.
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